Iridium Announces 2020 Results; Company Issues 2021 Outlook
- 2020 subscriber growth resilient in face of pandemic
- Announces $300.0 million share repurchase authorization
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MCLEAN, Va., Feb. 11, 2021 /PRNewswire/ Iridium Communications Inc. (Nasdaq: IRDM) ( Iridium ) today reported financial results for the fourth quarter of 2020 and issued its full-year 2021 guidance. Net loss was $7.9 million, or $0.06 per diluted share, for the fourth quarter of 2020, as compared to net loss of $107.9 million, or $0.82 per diluted share, for the fourth quarter of 2019. This improvement was primarily the result of debt extinguishment costs associated with Iridium s refinancing in the fourth quarter of 2019, which did not recur in 2020. Operational EBITDA ( OEBITDA )
Iridium Adds Kyoritsu Radio as Iridium Certus® Service Provider with Distribution Support from Furuno
Iridium Communications Inc. announced the addition of Kyoritsu Radio Service Co., Ltd as an Iridium Certus® service provider. Through this agreement, Kyoritsu Radio will also support the provisioning of Iridium Certus service by Furuno Electric Co., Ltd, expanding their portfolio of Iridium® satellite communication services. The Iridium Certus service is ideal for cargo ships, tankers, fishing vessels, workboats, and other watercraft as a primary or VSAT companion satellite communications solution. Operating on the Iridium network, it features truly global coverage and offers the fastest L-band speeds in the industry.
ATG cellular tower.
New satellite and air-to-ground (ATG) networks and coming improvements to first-generation connectivity systems are bringing lower cost, higher speed, and more compact Wi-Fi access to a growing number of aircraft, now extending from executive airliners to smaller general aviation aircraft. Here are some of the major developments to look for in 2021.
Air-to-Ground Networks
Avance L3
Gogo Business Aviation rang in the New Year on the heels of notching the 500
th installation of its Avance L3 ATG broadband Wi-Fi system, a lower-cost and smaller footprint option to its Avance L5, delivering about one-third the speed of its flagship service, and sized for turboprops to midsize jet aircraft. Connected to the Gogo Biz 3G data network, Avance L3 provides access to email, texting, internet browsing, and voice calls.
Iridium Partner MetOcean Telematics Provides Search & Rescue Buoys to the United States Coast Guard
Iridium Communications Inc. (Nasdaq: IRDM) is proud to share that exclusive Iridium partner MetOcean Telematics has been awarded a five-year blanket purchase agreement (BPA) to supply the United States Coast Guard (USCG) with its Search and Rescue (SAR) buoy, the Iridium Self Locating Datum Marker Buoy (iSLDMB™). A critical tool for SAR events, the innovative, rugged, and compact buoy is designed and tested to meet the stringent performance requirements of coast guards around the world.
The iSLDMB plays a useful role in adding additional safety and protection for USCG personnel. During an active SAR event, USCG aircraft can quickly deploy the buoys across the vast ocean territory to their targeted location by air. When the buoy hits the water, its suite of sensors monitor the first meter below sea level of the surrounding area and can detect objects, surface temperature, and provid
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